Glossary: Fonteva Payments
This glossary defines standard eCommerce and accounting terms as applied in Fonteva Payments, as well as defining product-specific keywords.
Term | Description |
|---|---|
Acquiring bank | The financial institution that maintains the merchant’s account. |
Address Verification Service (AVS) | An industry tool used to screen online transactions for fraud by confirming the address provided by the purchaser matches the billing address on file with the credit card issuer. |
Application Fees | Service fees assessed and subtracted from the merchant’s pending balance. |
Available Balance | Sales transaction funds that are available to be paid out to the merchant bank account |
Card Network | Businesses that provide the infrastructure required for credit card purchases. The largest card networks are Mastercard, Visa, American Express, and Discover. |
Charge | A payment received from a customer in exchange for a product or service. |
Chargeback | Funds debited from your connected account and placed in a hold account, typically initiated by the customer’s issuing bank while processing a dispute. |
Dispute | A process initiated by the customer’s issuing bank when the customer questions a charge. |
ePayment | An ePayment record is created to store the responses received from electronic payment gateways. |
Issuing Bank | The financial institution that issued the credit card used to make a purchase. For example, Citi or Bank of America. |
Merchant account | A type of bank account that allows merchants to accept payments. |
Payment Method | The types of payments accepted by a merchant. For example, credit cards, Apple Pay, or direct debit. |
Payment Gateway | Payment gateways validate customer account information and transmit the data to your payment processor. |
Payment Processor | The finance platform that transmits transaction details to all involved parties, then securely passes funds to the merchant account. |
Payout | A transfer of funds to the merchant’s bank account. |
Pending Balance | Sales transaction funds that have been validated but are not yet available to be paid out to the merchant bank account. |
Connected Account | Your organization’s account within the Fonteva Payments platform. |
Refund | A type of charge in which a request for funds is sent to the merchant’s bank, typically in exchange for a return. |